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Ex-NYSE Broker Pleads Guilty to Orchestrating $33M Crypto Scam
As chief trading officer of the investment club Q3, Michael Ackerman falsely touted monthly returns of over 15%.
Door James Rubin
Michael Ackerman, a former New York Stock Exchange broker, pleaded guilty on Wednesday to wire fraud for orchestrating a multimillion-dollar cryptocurrency investment scam, the U.S. Attorney for the Southern District of New York announced.
- Ackerman, who was the chief trading officer at the investment club Q3, admitted that he had caused the victims of the scam to lose over $30 million.
- Q3 told hundreds of investors it used a proprietary algorithm that guaranteed returns trading cryptocurrencies.
- The 52-year-old Ackerman raised “millions of dollar in investments,” according to U.S. Attorney Audrey Strauss, by “falsely touting monthly returns of over 15%, falsifying documents to con investors into thinking his fund had a balance of over $315 million and spending millions in investor funds on himself.”
- Ackerman stole at least $9 million from Q3 between 2018 and 2019, most of which was spent on jewelry, cars, personal security and travel, according to the U.S. Attorney’s announcement.
- As part of his plea agreement, Ackerman will make restitution of at least $30.6 million and forfeit more than $36 million, including millions in cash, real estate and jewelry that he acquired illegally. He will face sentencing on Jan. 5, 2022.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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